SingaporeImportant considerations before striking off your Singapore company

October 13, 2019by Tetra Consultants0

Companies incorporated in Singapore may choose to strike off the company name from ACRA register. It is important to meet the various regulatory requirements to ensure your company can be legally struck off.

Submission to Accounting and Corporate Regulatory Authority (ACRA)

Tetra Consultants can assist you to legally deregister and strike off our Singapore Company in a systematic and efficient way. Our team of experts will prepare and submit to ACRA the required deregistration documents, board resolutions and final sets of financial statements.

Submission to Inland Revenue Authority of Singapore (IRAS)

Tetra Consultants will prepare and submit to IRAS the final tax computation and request for notice of no objection to ensure your business has completed all outstanding obligations. If you have registered your Singapore company for GST, Tetra Consultants will timely apply for the cancellation with IRAS.

Fees and timeline for deregistration / striking off

Assuming that Tetra Consultants is your Singapore company secretary, our one-time fee for this service is US$450 (inclusive of government fees). Otherwise, you are required to appoint us as your company sectary before we are authorised to complete the above.

On average, it will take around 5 months for the whole procedure to be completed. During the process of deregistration, you are still legally required to have a local resident director appointed, company secretary and registered office address.

Seven compulsory requirements for deregistration / striking off
  1. The company has not commenced business since incorporation or has ceased trading.
  2. The company has no outstanding debts owed to Inland Revenue Authority of Singapore (IRAS), Central Provident Fund (CPF) Board and any other government agency.
  3. There are no outstanding charges in the charge register.
  4. The company is not involved in any legal proceedings (within or outside Singapore).
  5. The company is not subject to any ongoing or pending regulatory action or disciplinary proceeding.
  6. The company has no existing assets and liabilities as at the date of application and no contingent asset and liabilities that may arise in the future.
  7. All/majority of the director(s) authorise you, as the applicant, to submit the online application for striking off on behalf of the company.
Challenges you may face during the deregistration / striking off process
  1. IRAS may lodge an objection against strike off application
  2. Creditors may lodge an objection against strike off application
  3. ACRA rejecting the strike off application

In the event your company meets any of the above challenges, our team of experts will immediately communicate with the Singapore government and provide additional supporting documents to facilitate the deregistration. From our experience, you may expect up to three weeks delay should the above scenarios happen.

Tetra Consultants

Tetra Consultants is the consulting firm that works as your advisor and trusted partner in your business expansion. We tell our clients what they need to know, instead of what they want to hear. Most importantly, we are known for being a one-stop solution for our valued clients. Contact us now at enquiry@tetraconsultants.com for a non-obligatory free consultation. Our team of experts will be in touch with you within the next 24 hours.

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